REPORT: Steve Cohen Won't Be Criminally Charged With Insider Trading

Billionaire hedge fund manager Steve Cohen probably had a good Fourth of July.

The Wall Street Journal reports that Cohen, the founder of Stamford-based SAC Capital Advisors, won't be hit with any criminal insider trading charges, according to unnamed sources familiar.

Everyone knows that Cohen is the government's ultimate target in its massive crackdown on insider trading.

In the insider trading case against former SAC portfolio manager Mathew Martoma, Cohen has been identified as "Portfolio Manager A." While he has been implicated, he has not been charged with any wrongdoing. What's more is Cohen has maintained that he's confident that he acted appropriately.

Meanwhile, Martoma has refused to cooperate with the government and their probe, according to the Journal's report. The former SAC employee has also pleaded not guilty and is set to go to trial in November, the report said.

Under the statute of limitations for insider trading, if the government were going to bring additional charges in this particular case they would have to do so by mid-July, which is the five year anniversary of trades being questioned.